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5 tricks to boost your credit score

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Do You Have Home Improvement Envy? You’re Not Alone

Have you found yourself longingly peering into the yard next door to check out their new water feature only to start drawing up the blueprints for your own a week later? 

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What are Comps?

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2308 W. Taylor #3 Chicago, IL 60612 - Apartment For Rent

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WHAT ARE CLOSING COSTS?

Closing costs include a variety of fees for things like the inspection and appraisal of the home, as well as fees to the lender for underwriting and originating the loan. 

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This Month at Keller Williams - June 2018

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Should I Buy Now or Wait Until Next Year?

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Real Estate News - June 2018


Real Estate News June 2018
For Sale: 4 Tips for Getting Your Home off the Market Quickly
By Megan Belnap
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Do you have a home to sell? Are you ready to get the selling process over with quickly? There is no better time than now! 

Here are four top tips for getting your house ready to list for a ton of interest and potential bids: 

rulerGive Your Yard Attention
Cleaning up your yard and making it look welcoming will do two things for sellers: First, a beautiful yard that is free of cracks and weeds will attract more potential buyers; second, curb appeal can add as much as 5 percent value to your home. 

PaintingPaint Inside and Out
Buyers want to see a fresh, clean space when they visit your home. By painting inside and out, you have the chance to apply a neutral tone throughout the home. New wall coverings mean no fingerprints or smudges—and with new paint, there are no nail holes to hide. 

Price Your Home Intelligently
The right sales price for your home is often the best way to sell your home quickly. If priced too high, you may scare buyers away before they even come to an open house, but, if priced too low, you may lose out on money. 

Depersonalize the Space
Buyers want to look at a home as if they are moving in. When you leave pet toys or your children's clothes laying around, people see "you" in the home. By removing everything that's personal, you can make way to stage the home.Real Estate News - June 2018
Two Safety Tips for Your Electrical System
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Overloaded OutletThe safety of our home's electric system is often something we take for granted. From hitting a switch to illuminate your space, to plugging in and charging your devices, we rarely consider the currents coursing through our walls. However, to keep your family safe and your home secure, it's important to consider your electrical system, and whether or not your system is safe. 
Get to know your electrical system better – First and foremost, spend some time becoming more familiar with the home's electric system. Learn what runs on each circuit, and get to know the limits for each. Overloads can be dangerous, and electrical fires from overloads can do a lot of damage in a little amount of time. 

Don't overdo it with extension cords – Extension cords are great for reaching a little further with items like electric blowers or work lights, but it's important to remember to use them safely. Don't daisy chain multiple cords together, and don't use them for items that will pull more power than the extension cords are designed to handle. They can overheat, short and even be the cause of a house fire.
QUESTIONS? VISIT www.SoldByCastelli.com

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This Month in Real Estate - June 2018

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1923 S. Sawyer #1 Chicago, IL 60623

3 BEDROOMS 1 BATH $995 Month   

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Monday Motivation by Your Realtor John Castelli

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HOW TO SHOP BLACK FRIDAY AND CYBER MONDAY DEALS WITHOUT LOSING YOUR SANITY

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9 THINGS TYPICAL HOMEOWNERS INSURANCE DOESN’T COVER

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Monday Motivation by Your Realtor John Castelli

Happy Monday! I hope you had an amazing weekend! As always, I like to start the week off right with some words of motivation...

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WHAT IS PRIVATE MORTGAGE INSURANCE?

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COZY UP YOUR KITCHEN FOR FALL

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Monday Motivation by Your Realtor John Castelli

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WHAT IS THE DIFFERENCE BETWEEN A SHORT SALE, PRE-FORECLOSURE, AND FORECLOSURE?

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12 EASY STEPS TO PREPARE YOUR HOME FOR FALL


Yep, it’s official: Fall is here. Now is the time to finish up any last-minute late-summer maintenance projects, and get your home and yard ready for fall.



EXTERIOR PREP

[1] Fix Cracks In Concrete And Asphalt

Depending on where you live, these may be the last weeks this year when it will be warm and sunny enough to repair driveway and sidewalk cracks.


[2] Clean Out The Gutters

No one loves this job, but we all need to do it annually. A few hours of work can prevent big problems later on. And while you’re up on that ladder, visually inspect your roof for damaged shingles, flashing, or vents. 


[3] Turn Off Outdoor Plumbing

Drain outdoor faucets and sprinkler systems, and cover them to protect them from freezing weather to come.


[4] Start Composting

If you don’t already have compost bins, now is the time to make or get some. All those accumulated autumn leaves will bring you gardening gold next summer.


[5] Clean Outdoor Furniture And Gardening Tools

It may not be quite time yet to put them away, but go ahead and make sure your outdoor furniture and gardening tools are cleaned up and ready for storage over the winter.


[6] Plant Bulbs For Spring-Blooming Flowers

A joyous and beautiful sign of spring is when tulips and daffodils start popping up everywhere. Plant bulbs in October, as soon as the soil has cooled down, to reap big rewards next spring. If you’ve never planted bulbs before, select a spot in your yard that gets full sun during the day.



INTERIOR PREP

[7] Prepare Your Furnace For Winter Duty

If you didn’t already do it last spring, consider getting your furnace professionally serviced in time for the cold season. At the minimum, though, visually inspect your furnace and replace the furnace filter before turning it on for the first time.


[8] Clean The Fireplace And Chimney

Clean out the fireplace, make sure the flue is operating properly, and that doors and shields are sound. Have the chimney professionally swept if needed. Now is the time to stock up on firewood.


[9] Keep The Warm Air Inside And The Cold Air Outside

Inspect your windows and doors. Check weather stripping by opening a door, placing a piece of paper in the entryway, and closing the door. The paper should not be able to slide back and forth easily. If it does, the weather stripping isn’t doing its job. Also, now is the time to re-caulk around windows and door casings if needed.


[10] Light The Way

Bring as much light into your home as you can for the colder, darker months. To accentuate natural light, clean your windows and blinds, especially in rooms that get a lot of sunlight. Add lighting to darker spaces easily with new lamps. And consider replacing traditional incandescent light bulbs with energy-efficient bulbs.


[11] Create a Mudroom

Even if you don’t have a dedicated mudroom in your home, now is a good time to think about organizing and stocking an entryway that will serve as a “mudroom” area for cold and wet weather. Put down an indoor/outdoor rug to protect the floor. A fun and rewarding weekend project is to build a wooden shoe rack, coat rack, or a storage bench for your entryway.


[12] Home Safety Check

Replace the batteries in your smoke alarms and carbon monoxide monitors. A good way to remember to do this is to always replace the batteries when you change the clock for “fall back.” Create a family fire escape plan, or review the one you already have. Put together an emergency preparedness kit so that you are ready for winter power outages.


SOURCE: ZILLOW


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Monday Motivation by Your Realtor John Castelli

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Monday Motivation by Your Realtor John Castelli

Happy Monday! I hope you had an amazing weekend!

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5 Air-Purifying Plants to make your House Smell Fresh

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Ready for your first serious investment?

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JUNE STAT IS IN and yes it is still selling fast.

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Understand How Much You Can Afford

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Monday Motivation by Your Realtor John Castelli

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Make the most out of am OPEN HOUSE Visit!

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How Does Rent-to-Own Work?

How Does Rent-to-Own Work?

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What is Earnest Money?

After looking for the perfect home, you’re ready to make an offer and show the seller you’re a serious candidate. When doing so, be sure to include an earnest money deposit.

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Does My Spouse's Credit Score Matter?

Does My Spouse's Credit Score Matter?

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Mistakes First-Time Homebuyers Should Avoid

Mistakes First-Time Homebuyers Should Avoid

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Monday Motivation by John Castelli, Realtor

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Real Estate News - August 2017

Brought to you by John Castelli.
Real Estate News August 2017
No AC? No Problem: 5 Cooling Tips for Summertime
If air conditioning your home seems like a far-off dream, you’re not alone. Each summer, thousands of Americans battle the heat in their homes, especially at night. Below are a few helpful tips to help you stay cool all summer, sans AC.
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Point that fan out. It might feel good to have air blow over you as you sleep, but to cool your room quicker without AC, grab a boxy window fan and point it out, not in. This will pull warm air from the room and push it outside.

Reverse ceiling fans. In the summer, program your ceiling fans to run counter-clockwise. This will pull hot air up and out, instead of blowing the warm air on you.

Choose the right bedding. When it comes to staying cool during those hot summer nights, cotton is the way to go. Choose a light sheet made of 100 percent cotton, and avoid polyester and synthetics at all costs.  

Frosty bottle. You’ve heard of a hot water bottle, right? Well these helpful toe warmers can also keep you cool during the summer. Stick the bottle in the freezer, and slide it between your sheets before bed.

Make use of your bathroom fan. Have a bathroom right off the bedroom? Turn on the overhead fan and leave the door open to let the fan pull the rising hot air out of your room as you sleep.  
On Low Inventory: From Challenge Comes Opportunity
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Image 2Low inventory is the foremost issue in the housing market right now. Buyers face relentless demand for a scarce supply of reasonably priced homes. In a recent survey by the National Association of Mortgage Professionals (NAMB), fifty-eight percent of mortgage professionals cited low inventory as the biggest hurdle for homebuyers today.    

The inventory dilemma has even overshadowed concerns about mortgage lending standards. These standards, which some still view as too strict, have relaxed since the early, strong-armed days post-recession. In fact, according to a recent survey by Fannie Mae, more lenders have taken steps to open up access to credit since the start of 2017, and more plan to continue to do so in the future.

Coming up with enough money for a down payment has become less of a factor, according to the NAMB survey, but remains significantly tied to affordability.

Having an experienced real estate agent is more important than ever to help buyers and sellers navigate this intensely competitive market.

Undeniably, there are fewer homes on the market—but there are also many opportunities. How will you use today's environment to your advantage?
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The U.S. Homeownership Rate Edged Higher in Q2

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Curious What Colors May Help Sell Your Home for More?

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Monday Motivation by John Castelli, Realtor

Happy Monday! I hope you had an amazing weekend!

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Top Reasons to Hire a Real Estate Agent

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LOW RATES = HIGH PURCHASING POWER

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6 Tasks To Tackle before the temperature change

As the days go by, there are less and less days of summer left. With Labor Day just around the corner you may be planning that epic summer get together for another fun day in the sun. But before you bring out the pool floats and endless chips and salsa, take a break to get some home maintenance prep done for the upcoming season. Turns out that August is the best time to take on maintenance tasks before the temperature change.

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4 Plants You (Almost) Never Have to Water

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5% Down vs 20% Down

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Monday Motivation by John Castelli, Realtor

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Home Staging

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Interest Rates | Historical Recap

What generation are you?

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When It Comes to Filing for a Home Insurance claim, Is It Worth it?

If your home gets damaged by a flood, falling tree, or other random accident, you'll want to know how to file a home insurance claim. Homeowners insurance can help you cover the costs of repairs, providing some much-needed financial relief. But before you file that claim, you'll want to know the process (and the consequences) so you can plan accordingly. Here's what you need to know about filing home insurance claims.

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Time to purchase a #home? Schedule a quick call with me to find out how I can help you. #Realtoring #DreamHome

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Monday Motivation by Your Realtor John Castelli

Happy Monday! I hope you had an amazing weekend! As always I like to start the week off right with some words of motivation...


"Motivation is what gets you started. Habit is what keep you going." Jim Ryan, Olympic Track Star 

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Open House Checklist: Curb Appeal 101


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Looking to Move Into a Brand-New Home? Purchase Now Before it's Too Late.

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Monday Motivation by Your Realtor John Castelli

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Take advantage of current Low Interest Rate

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Real Estate News June 2017

Brought to you by John Castelli.
Real Estate News June 2017
Homeownership Rates in the United States remain steady
According to the US Census Bureau's recent Quarterly Housing Vacancies and Homeownership report, rates of homeownership look to be holding steady. The homeownership rate clung to 63.6 percent in the first quarter of 2017, virtually unchanged from 63.7 percent the quarter prior and 63.5 percent the year prior.
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Additional findings from the study include:
  • The Midwest held the highest homeownership rate in the first quarter, at 67.6 percent, while the West held the lowest at 59 percent.
  • Homeownership rates in the first quarter were also highest among homeowners aged 65 and older, at 78.6 percent, and lowest for homeowners aged 35 and younger at 34.3 percent.
  • The rate of homeownership among Hispanic Americans markedly rose for the second straight year in 2016 - a trend against the current par for the course and currently stands at 46.6 percent.
  • The renter vacancy rate came in at 7 percent. Breaking this down more specifically, the renter vacancy rate was highest outside "Metropolitan Statistical Areas" or "MSAs" at 8.7 percent, followed by inside principal cities at 7 percent and in the suburbs at 6.5 percent.
  • The median asking sales price for vacant for sale housing in the first quarter was $176,900. The median rent for vacant for rent housing, over the same period, was $864.
4 Things Professional Burglars Don't Want You to Know
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Image 2Even though a burglary occurs every 20 seconds in the U.S., you can still protect yourself with simple, common-sense steps.

1.Nighttime Burglaries Aren't the Best Time. Burglars like to break in to homes during daytime hours - between 12:30 p.m. and 2:30 p.m. - because there's a high chance people will be away at work or school. The last thing criminals want is to encounter someone at home. Don't leave your home unlocked just because it's daytime.

2.They Know When You're Not Home - Thanks to Social Media.Locating someone's home address using basic information from their social media profile is surprisingly easy. In one survey of convicted burglars, more than 10 percent say they used social media to determine who was out of town. So while it's tempting to post about your vacation to your social media feed, wait to share those trip photos until you're back home.

3.They Don't Like Your Security Practices. Burglars are looking for easy targets, so your basic security measures are pretty important. Unlocked windows, unused deadbolts, poorly lit homes, and residences without security systems are prime targets for burglars, so make sure you are using the security features you already have.

4.Your Landscaping Choices Can be a Burglar's Best Friend. Thieves are searching for crimes of opportunity, and landscaping gives them a place to hide while planning a way of entry can be very enticing. Tall bushes are favorites of burglars since they offer an obstructed view from the street and an easy way to hide from neighbors. Sometimes the best defense is a clear view of your front porch.


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personal photo
John Castelli 

Keller Williams Realty Partners
REALTOR®

(773) 851-7636

johncastelli@kw.com 
Copyright 2017 Keller Williams® Realty, Inc. If you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed. Equal Opportunity Housing Provider. Each office is independently owned and operated.
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Smart Reasons why Former President Obama purchased the Home that he was renting

Former President, Barack Obama made the decision that buying is better than renting. The Obama’s had been leasing their place in Washington DC and had many surprised when they decided to purchase the home at $8.1 million to officially call it home.

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Monday Motivation by John Castelli, Realtor

Happy Monday! I hope you had an amazing weekend!

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7 Benefits of using a Real Estate Agent when Selling Your Home

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When Is the Best Time to Buy a Home?

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Wise words by Will Rogers

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Should you consider Real Estate as part of your Retirement Plan?

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What you will need to Own Your Dream House!

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June 2017 Chicago Festivals and Events Calendar

Best Chicago Events June 2017

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Monday Motivation by John Castelli, Realtor

Happy Monday! I hope you had an amazing weekend!

As always, I like to start the week off right with some words of inspiration...

"Falling Down Is How We Grow. Staying Down Is How We Die." Brian Vaszily 

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Este Mes En Bienes Raíces Para Abril de 2017

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This Month in Real Estate April 2017 - John Castelli, Realtor

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I-90 Construction

I-90 from I-190 to Harlem Ave. Project

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Monday Motivation by John Castelli, Realtor

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Keller Williams Realty

AWARDS

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Monday Motivation by John Castelli, Realtor

Happy Monday! I hope you had an amazing weekend! As always I like to start the week off right with some words of inspiration...

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Just Listed in Logan Square

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March 2017 Market Update

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60656 Homes For Sale

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Chicago #1 of Five Housing Markets on the Verge of a Tech Boom

Five Housing Markets on the Verge of a Tech Boom


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The hottest housing markets have one determining factor in common: employment opportunities. Cities with jobs in growing fields draw incoming residents in droves—and none is more in-demand currently than technology.

A recent survey by Modis, an IT staffing services provider, identified the housing markets on set to be transformed by technology. The top 5:

Image 21. Chicago
2. Houston
3. Boston
4. Denver
5. Philadelphia

Fifty-one percent of those surveyed ranked Chicago as the top tech hot spot of the future. The Windy City is likely to attract younger professionals who have worked in technology 5 years or less, according to the survey.

Houston and Boston ranked second and third, respectively, with 47 percent and 43 percent of the vote. Houston is likely to attract a range of professionals, from those who have not completed a college degree to those who have worked in technology for more than 10 years. Boston, like Chicago, is likely to attract younger professionals, aged 26-34.

Denver, which has seen home prices appreciate at an above-average rate since the recession, was ranked fourth at 36 percent. Philadelphia, at 31 percent, also made the top five.

Other up-and-coming technology-driven markets, according to the survey, include Dallas, Detroit and Omaha.    


John Castelli

Keller Williams Realty Partners

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Monday Motivation by John Castelli, Realtor

 Happy Monday! I hope you had an amazing weekend and are ready for a great week!

As always I like to start the week off right with some words of motivation...

"There's a myth that time is money. In fact, time is more precious than money. It's a nonrenewable resource. Once you've spent it, and if you've spent it badly, it's gone forever." Neil A Fiore

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3 Ways to Pay Down Your Mortgage Faster, and 1 to Avoid at All Costs

"There are millions of people out there who faithfully make their regular mortgage payments because they don't understand, or because no one ever told them, about the benefits of pocket-change prepayments.''

-- Marc Eisenson, author of The Banker's Secret

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30-Year vs. 5/1 ARM mortgage: Which Should I Pick?

When you apply for a mortgage, there are two basic varieties to choose from: fixed-rate or adjustable-rate. By far the most common mortgage product in the United States is the 30-year fixed-rate, and the most common adjustable-rate variety is the 5/1 ARM. So let's take a deeper look at these two types of loans and see which could be the better choice for you.

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Monday Motivation by John Castelli, Realtor

Happy Monday, I hope you had an amazing weekend!

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Monday Motivation by John Castelli

Happy Monday! I hope you had an amazing weekend! As always I like to start the week off right with some words of motivation!

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The Cost of Renting

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DUNNING, CHICAGO

DUNNING, CHICAGO IS A NEIGHBORHOOD LOCATED ON THE NORTHWEST SIDE OF THE CITY.

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Chicago Neighborhoods

Homes For Sale in Chicago by Neighborhood

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Top 4 Deal Killers for Homebuyers

Falling in love is exhilarating. It can also be a bit scary, especially when a home has captured your heart. What if something goes wrong and you end up not spending the rest of your life with this stack of brick and mortar you're lusting after?

No matter how careful you are, some deal killers are unavoidable. Others, however, are preventable, so pay heed if you hope to keep your deal alive.
 


1. Don't Mess with Your Mortgage Preapproval 

A common reason for a real estate deal to fall apart is that many homebuyers don't fully understand the mortgage process. Sure, you may get a loan preapproval, but don't think for one minute that this guarantees you will get the loan. It doesn't.

Here's what happens after you receive your preapproval letter and decide to move forward with the purchase. The lender will start your file, give you a list of paperwork required, order an appraisal and credit reports, verify your employment and income, and more.

The file is then sent to the processor who will review all of your information as well as the appraisal. He or she will then put together a package of all pertinent information to be sent to the underwriter.

The underwriter is the person who ultimately determines whether or not you are an acceptable credit risk. He or she will assess your ability to repay the loan, your credit, and the collateral used to secure the mortgage - in this case the collateral is the home. Then, just before funding the loan, the underwriter will perform what is known as a "soft pull" of your credit information to see if anything has changed.

This is the point where many borrowers run afoul. If you hope to keep your purchase alive, don't do anything - from application to closing - that might change your financial picture and sabotage your final approval. This means no shopping on credit for appliances, furniture or anything else. Don't switch jobs, fall behind on your bills, co-sign a loan for anyone, or in any way reduce the income stated on your application.
 


2. Read Homeowners Association Documents Carefully 

When you purchase a home in a managed community governed by a homeowners association (HOA), you'll be given a mountain of paperwork to read and approve. Because there may be deal killers included in the fine print, it's important to get to this task immediately upon receipt of the documents.

Look for any information about liens against the property; current litigation against the HOA, the builder, or the developer; and any red flags in the HOA budget. Since these documents aren't easy to read and understand, it is worth the money you'll spend to have your attorney look them over and advise you of any potential deal killers lurking within.

While the aforementioned HOA problems could potentially derail the deal, it's better to have it happen upfront rather than when you're further along in the process.
 


3. Home Inspection Problems 

All homes - even newly constructed ones - may have problems. Going into the process not fully understanding this can set you up for a failed real estate deal. Sure, you ideally want to find a home that was owned by Mr. or Mrs. Clean who conscientiously took care of it during their entire ownership, but those are few and far between, and seeking them out is unrealistic.

Set your sites on finding a home that has small, easy-to-fix problems, and don't freak out if some are worse than others. In other words, when considering making an offer, laugh at the loose doorknob but negotiate when it comes to water damage or worse.

The nitpicky homebuyer, who plans on nickel and diming the homeowner into replacing missing switch plates and dripping faucets, is the picture of a deal-breaker-in-the-making. Sure, in a buyer's market you may get away with minor demands. In a seller's market, however, there is always a cleaner offer right behind yours.
 


4. Budgeting Blunders 

The real estate industry does a bang-up job of reminding homebuyers that they'll need a down payment - typically from 3 percent to 20 percent of the total loan amount - when they purchase a home. What they often fail to inform real estate consumers about are the loan's closing costs - the money you will be required to pay before the house is yours. This is most likely because closing costs are a little harder to pin down. They vary wildly and depend on the type of loan, the amount of the down payment, and a host of other factors.

Unfortunately, this lack of information frequently causes real estate deals to disintegrate. To avoid this particular problem, pay attention to all communications from your lender.

First, you will receive a form called a Loan Estimate. Look this over carefully to ensure that everything your lender agreed to is included. Pay close attention to the "Calculating Cash to Close" section, which concludes with an estimated cost to close the loan. Remember, this is an estimate and the amount may go higher or lower in the end. Speak with the lender if you find any problems here, especially if it will be impossible for you to come up with this money.

Just before closing you will receive the "Closing Disclosure," which is quite similar to the estimate, but these figures are final. Again, review the "Cash to Close" figure.

By and large, real estate deals conclude successfully. Typically, it all comes down to the experience of your agent. Choose wisely and you'll avoid the common pitfalls that can derail transactions. For a smooth, low-stress real estate transaction, slow down, keep your expectations realistic and heed the advice of your real estate agent or attorney.


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6 PASOS PARA COMPRAR UNA CASA

Paso 1 en el proceso de compra comienza con el agente y el comprador revisar las condiciones actuales del mercado, así como lo que el comprador quiere y necesita en su nuevo hogar.

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February 2017 Market Update

This Month in Real Estate

February 2017 Market Update
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Monthly VideoHome sales dipped in December despite a year of robust growth and the strongest housing market in a decade according to the National Association of REALTORS®. Affordability concerns, depleted inventory levels and interest rate increases seen in November have affected certain prospective home buyers, contributing to the modest cooling trend. 
 

Interest Rates
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Monthly VideoAccording to Freddie Mac, 30-year fixed rates ticked back down from 4.30 percent to 4.19 percent, reflecting a holding pattern as the Federal Reserve and other financial institutions wait for indications of future fiscal policy enacted by Congress and the Trump Administration. 
 

Home Sales
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Home Sales Graph

The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.5 million homes during the month of December. This was a decrease of 2.8 percent from November, and an increase of 0.7 percent from December of last year. 
 

Home Prices
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Home Price Graph

The median home price decreased to $232,200 in December, which was down 0.9 percent from November and up 4.0 percent from December of last year. The median home price has increased by approximately $9,000 in the past year alone. 
 

Inventory
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Inventory Graph

There was a 3.6-month supply of housing inventory in December, which was a 7.7 percent decrease from November. The total number of homes for sale decreased by 7.7 percent compared to December of last year. 
 
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Happy President's Day by Your Realtor John Castelli

I hope you had an amazing weekend! I wanted to take a moment and wish you a Happy President's Day!

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Numbers That Drive U.S. Real Estate - Home Price - Annual

Real Estate is a great financial investment!

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Happy Valentine’s Day


Brought to you by John Castelli.
 
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14 February - Happy Valentine's Day
"The heart has its reasons of which reason knows nothing."
-Blaise Pascal
 
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John Castelli

Keller Williams Realty Partners
REALTOR®

(773) 851-7636





 
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Buying Is Better Than Renting in Most Markets... but for How Long?


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Buying a home is more affordable than renting one in 66 percent of housing markets in the U.S., with Cook County, Ill., Maricopa County, Ariz. and Miami-Dade County, Fla. among those with the highest buy affordability, according to ATTOM Data Solutions' 2017 Rental Affordability Report. Renting a home, to compare, is more affordable than buying one in 34 percent of markets, with Dallas County, Texas, Kings County, N.Y. and Santa Clara County, Calif. among those with the highest rent affordability. 

Predominantly impacting affordability are stagnant wages, which have lagged at a growth rate of 2.2 percent since one year ago, compared to home prices, up 5.7 percent, and rents, up 4.2 percent.  

Rising mortgage rates could deal another blow to affordability. Average rates, which retreated since charging forward following the election, are currently above 4 percent.  

Home price growth outpaced wage growth in 79 percent of the counties analyzed in the report, while rent growth outpaced wage growth in 62 percent. Wage growth, however, outpaced home price growth in 21 percent of the counties analyzed, and outpaced rent growth in 38 percent.  

A monthly house payment on a median-priced home will require 36.6 percent of average wages, according to the report; a monthly fair market rent will require 38.6 percent.   


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Monday Motivation by John Castelli

Happy Monday! I hope you had an amazing weekend! As always I like to start the week off right with some words of inspiration...

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Monday Motivation by John Castelli

Happy Monday! I hope you had an amazing weekend and are ready for a great week ahead!

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In the market for a new home? Here are your best bets.

SPECIAL REPORT

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Monday Motivation by John Castelli

Happy Monday! I hope you had an amazing weekend and are set for a MASSIVE week!

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Preparing Your Home to be SOLD!!

Preparing Your Home to be SOLD!!

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Monday Motivation by John Castelli

Happy Monday! I hope you had an amazing weekend!
As always I like to start the week off right with some words of motivation....

"DISCIPLINE: The One Thing Necessary To Achieve Any Goal Worth Having"

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Monday Motivation by John Castelli

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This Month in Real Estate - January 2017

This Month in Real Estate

January 2017 Market Update
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Monthly VideoHome sales surged ahead in November, marking the third consecutive month of growth. A healthy job market, along with pressure for buyers to close ahead of forthcoming mortgage rate hikes, pushed sales to the highest pace recorded since February of 2007, according to the National Association of REALTORS®.
 

Interest Rates
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Monthly VideoAccording to Freddie Mac, 30-year fixed rates jumped from 3.94 percent to 4.30 percent, reflecting the expectations of continued economic growth along with the increased possibility of inflation in 2017.
 

Home Sales
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Home Sales Graph

The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.6 million homes during the month of November. This was an increase of 0.7 percent from October, and an increase of 15.4 percent from November of last year.
 

Home Prices
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Home Price Graph

The median home price increased to $234,900 in November, which was up 0.3 percent from October and up 6.8 percent from November of last year. The median home price has increased by approximately $14,900 in the past year alone.
 

Inventory
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Inventory Graph

There was a 4.0-month supply of housing inventory in November, which was a 7.0 percent decrease from October. The total number of homes for sale decreased by 21.6 percent compared to November of last year.
 
 
Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate. 
 
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John Castelli 

Keller Williams Realty Partners
REALTOR®

(773) 851-7636


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johncastelli@kw.com 
www.SoldByCastellicom
Copyright 2016 Keller Williams® Realty, Inc. If you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed. Equal Opportunity Housing Provider. Each office is independently owned and operated.
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